London Stock Exchange has yesterday admitted Nigeria’s $1 billion Eurobond to start trading in London. The 15 year government bond, paying a coupon of 7.875 per cent, is the longest ever maturity for an international Nigerian bond, the first international issuance for the country since 2013.
The offer was nearly eight times oversubscribed, with the order book closing at approximately $7.7 billion compared to a pre-issuance target of US$ 1.0 billion.The listing secured high quality investor support from across the US and Europe and will support Nigeria in financing its long term infrastructure projects.
Yesterday’s listing builds on the recent pipeline of several high profile sovereign, supranational, municipal and private company bond issuances on London Stock Exchange. In January 2017, Israel listed its largest ever Eurobond offering of €2.25 billion in London.
Commenting on development, International Markets Unit, Head of Middle East, Africa and South Asia, London Stock Exchange, Ibukun Adebayo said, “Nigeria’s choice of London Stock Exchange for its first international bond offering since 2013 underlines London Stock Exchange’s position as a leading global venue for debt fund raising and London’s enduring status as a market open to the world.
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